PhysicsWallah IPO: Edtech company PhysicsWallah is all set to launch its initial public offering (IPO) on Tuesday, November 11. The ₹3,480 crore book build issue combines a fresh issue of 28.44 crore shares for ₹3,100 crore and an offer for sale (OFS) of 3.49 crore shares for ₹380 crore. Alakh Pandey and Prateek Boob are the two promoters selling shareholders in the OFS.
The IPO is coming at a time when stock market sentiment is improving, but investors are turning cautious about loss-making startups, especially in the edtech space, after Byju’s collapse. The (GMP) of Physicswallah stock has halved to ₹4 as of November 10 from its highest GMP of ₹9 a few days ago.
PhysicsWallah IPO GMP
According to grey market sources, PhysicsWallah’s IPO GMP on November 10 was ₹4. Considering the upper price band of the mainboard IPO at ₹109 per share, the estimated listing price of PhysicsWallah shares is ₹113, a premium of nearly 4 per cent.
PhysicsWallah IPO key details
1. PhysicsWallah IPO price band: The issue’s has been set at ₹103 to ₹109 per share.
2. PhysicsWallah IPO date: The mainboard IPO is opening for subscription on Tuesday, November 11, and will conclude on Thursday, November 13.
3. PhysicsWallah IPO size: The IPO combines a fresh issue to raise ₹3,100 crore and an offer for sale (OFS) of ₹380 crore.
4. PhysicsWallah IPO reservation: As much as 75 per cent of the net issue is reserved for qualified institutional buyers (QIBs), and 15 per cent of the net issue is reserved for non-institutional investors (NIIs). The remaining 10 per cent is reserved for retail investors.
5. PhysicsWallah IPO lot size: The IPO lot size is 137 shares. The minimum lot size for a retail investor is one lot. With the issue’s upper price band at ₹109, the minimum amount of investment required by retail investors is ₹14,933. The maximum lot size for retail investors is 13 for ₹1,94,129.
6. PhysicsWallah IPO lot book-running lead managers and registrar: Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, and Axis Capital Limited are the book-running lead managers of the issue. MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar of PhysicsWallah IPO.
7. PhysicsWallah IPO allotment date and listing date: As the IPO is closing on Thursday, November 13, the allotment of shares is expected to be finalised on the next business day, Friday, November 14. Successful bidders can get the shares on the next business day on Monday, November 17, and those who fail to get the allotment will get the refunds on the same day. PhysicsWallah IPO will list on the BSE and the NSE on Tuesday, November 18.
8. Object of PhysicsWallah IPO: According to the RHP, PhysicsWallah will utilise the net proceeds from the fresh issue of shares for capital expenditure for:
(i) fit-outs of new offline and hybrid centres
(ii) lease payments of existing identified offline and hybrid centres
(iii) investment in its subsidiary, Utkarsh Classes and Edutech Private Limited
(iv) expenditure towards server and cloud-related infrastructure costs
(v) expenditure towards marketing initiatives
(vi) acquisition of additional shareholding in its subsidiary, Utkarsh Classes
(vii) funding inorganic growth through unidentified acquisitions and general corporate purposes.
9. PhysicsWallah business overview: PhysicsWallah offers test preparation courses for competitive examinations, and other courses such as for upskilling.
As per the RHP, it is among the top five education companies in terms of revenue in India, and the largest in India in terms of student community, with its main YouTube channel, “Physics Wallah-Alakh Pandey,” having nearly 13.7 million subscribers as of July 15, 2025, according to Redseer Report.
10. PhysicsWallah’s financial performance: PhysicsWallah has been incurring losses over the last several years. In FY23, it suffered a loss of ₹84.08 crore, which rose to ₹1,131.13 crore in FY24, but declined to ₹243.26 crore in FY25. For the three-month period ended June 30, in the current financial year, it witnessed a loss of ₹127.01 crore.
Revenue from operations, however, has seen a sustained rise. In FY23, it was ₹744.32 crore, in FY24, it was ₹1,940.71 crore, and in FY25, revenue was ₹2,886.64 crore. For the first three months in FY26, its revenue from operations was ₹847.01 crore.
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